The great stagnation: what can policymakers do?

Sushil B. Wadhwani

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: Although the economic recovery in the UK has been disappointing, it is inappropriate to either assert that Japan’s two lost decades illustrate the ineffectiveness of stimulative monetary policy or that the UK is predestined to perform as badly as Japan. Recall that the UK has, so far, avoided the deflation that held back the Japanese economy. One could, instead, argue that Japan illustrates the pitfalls associated with insufficiently aggressive monetary policy. Hence, it is appropriate to consider how we might make monetary policy more effective in the UK.

JEL-codes: H0 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2013
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